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New research from Mercator Advisory Group updates merchant acquiring research for the U.S. market

Now in its sixth iteration, Mercator Advisory Group's
annual report on the U.S. merchant acquiring market, The U.S. Merchant
Acquiring Industry in 2012: Embracing Disruption, discusses market performance
of the largest U.S. acquirers and counterparty risk as well as emerging issues
in the acquiring space, indicating that the industry is on the cusp of
dramatic change. Shifting costs for payment processing are again at the
forefront of the discussion, as are changing laws regarding nonbanks in the
payments space, the role of acquirers in ensuring payment data is secure, and
the implementation of new payments technologies in the largest national market
in the world.

This year's report examines the performance of top tier merchant acquirers and
provides commentary on a few salient themes impacting the industry. New this
year is analysis of the acquiring market pertaining to the relative shares of
merchant acquiring operations along with the division of the space by acquirer
processor and by acquiring bank.

This report discusses counterparty risk in merchant acquiring and points to a
recent example of an ISO overcome by risk exposure. It also examines the chain
of liability linking different entities in the acquiring value chain, players
that could be involved, and the threats posed to each party in the event of
the industry's equivalent of a natural disaster.

"The U.S. merchant acquiring market, while concentrated heavily in the top
tier of players, is actually quite diverse when it comes to the opportunities
for firms of various kinds to share in the overall industry,"David
Fish, senior analyst in Mercator Advisory Group's Credit Advisory Service
and author of the report comments.

"The traditional view of the acquiring space (a perspective that Mercator has
encouraged the industry to expand) is that the term "acquirer" refers to the
bank member of the card networks that either owns or sponsors the processing
of card transactions into those networks, and thus holds the risk associated
with those transactions. In reality, the acquiring bank passes liability for
merchant card transactions downstream to partner intermediaries and is only
one of four types of entities that could potentially own merchant contracts
and risk liability that those contracts will go bad."

Highlights of this report include:

Market share analysis for the top 10 U.S. merchant acquirers, the top 8
acquirer processors, and the top 13 acquiring banks

Discussion of the issue of counterparty risk in merchant acquiring

Detailed analysis of new card network processing fees

Review of emerging industry issues regarding interchange regulation, merchant
litigation, data security, and the implementation of EMV in the U.S.

Commentary on a new law in Georgia that grants a special purpose banking
license to qualified non-bank merchant acquirers.